According to some predictions, video traffic is expected to account for a large percentage of all Internet traffic within a few years. This situation is exacerbated by the fact that most of the videos will need to be made available in a relatively large number of versions in order to account for the heterogeneous end user devices (e.g., end user devices supporting different screen sizes, codecs, or the like), different quality levels, different languages, or the like. The differing video version may require transcoding videos into a number of different versions, where such video transcoding is computationally expensive and, further, where the storage of the resulting transcoded versions requires significant storage capacity.